Pershing Square’s main hedge fund wiped out almost all of its 2024 gains in July with a 4.7% decline for the month, mainly on the back of a sharp drop in the value of Universal Music Group shares, according to a report by Bloomberg.
The decline adds to founder Bill Ackman’s woes after he abruptly cancelled the IPO of his Pershing Square USA closed-end fund last week due to weak investor demand.
Ackman initially estimated that Pershing Square USA could raise up to $25bn but pulled the planned IPO after the expected fundraise fell to just $2bn.
According Bloomberg, Pershing Square Holdings had gained 8.7% by mid-July but lost 4.7% in the latter half of the month, leaving it with a year-to-date gain of just 0.7%.
Universal Music Group’s shares tumbled 24% following disappointing earnings last week.
